Guideline Value for TNHB 94th Lane

TNHB 94th Lane guideline value

The current guideline value for TNHB 94th Lane is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of TNHB 94th Lane has changed

Over the years, the guideline value for TNHB 94th Lane has undergone several revisions. The 2007 revision set the value at Rs 1,500 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012, marking a significant rise of 167%. However, by 2017, the value decreased to Rs 2,680 per sq.ft, reflecting a drop of 33%. The value then saw a substantial increase to Rs 4,000 per sq.ft in 2023, followed by the current rate of Rs 4,400 per sq.ft in 2024, which is a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has risen by 193%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is equal to the current value of TNHB 94th Lane.

• TNHB 93rd Lane: Rs 4,400 per sq.ft (2024)
• TNHB 95th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 92nd Lane: Rs 4,400 per sq.ft (2024)
• TNHB 96th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 91st Lane: Rs 4,400 per sq.ft (2024)
• TNHB 97th Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in TNHB 94th Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, resulting in a total of Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers TNHB 94th Lane?

The TNHB 94th Lane falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Velachery

The guideline value is a crucial factor when buying or selling property in Velachery, as it determines the stamp duty and registration fees payable during the transaction. Buyers and sellers must refer to the guideline value to ensure compliance with the legal requirements set by the Registration Department.

When a property is registered, the guideline value is used to calculate the applicable fees. The higher amount between the guideline value and the sale price is considered for the calculation of stamp duty and registration fees, ensuring that the transaction adheres to the established regulations.

Frequently asked questions

What is the current guideline value of TNHB 94th Lane?

The current guideline value of TNHB 94th Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,500 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 193%.

What is the land classification for TNHB 94th Lane?

TNHB 94th Lane is classified as Residential Class II Type - II, indicating its suitability for residential development.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in TNHB 94th Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.